Let's say you have a Power of Attorney. That means you're covered should circumstances ever arrise in which the POA would need to be invoked, right? Not necessarily. In fact, POAs now must be more specific than ever in Pennsylvania due to a recent law change. A cookie-cutter document likely won't cover all possible scenarios, or even all of the more common situations we see in our day-to-day work.
In the Second Half of Life Podcast episode 48, which is just over five minutes long, Attorney Jenna Franks and Long-Term Care Planner Kristin Daugherty talk about the importance of not only have a Power of Attorney, but also that the document is done correctly and accounts for all reasonably possible situations. Kristin also gives an example of something that all financial POAs should have and if they don't, could create a major problem when trying to protect assets from long-term care costs.
All episodes of the Second Half of Life Podcast can be found on the Steinbacher, Goodall & Yurchak website, as well as on most podcast directories, which includes Apple Podcasts, Spotify, TuneIn + Alexa, iHeartRadio, Stitcher, Podcast Addict, Google Podcasts, Podchaser, Deezer, Listen Notes, Bullhorn, Overcast, Pocket Casts, Castro, Castbox, Podfriend, Player FM, Podcast Index and Pandora.